Tuesday May 22, 2012

Nigeria's central bank kept its policy rate on hold at 12 percent on Tuesday for the fourth time in a row, citing the need to balance inflationary concerns with slowing growth.

Central bank governor Lamido Sanusi said the bank was concerned about a slowdown in global economic activity and lower crude oil prices, which meant Nigeria was facing a "disturbing and uninterrupted trend of decline" in its high growth rates.

Relatively benign inflation and slow credit growth meant there was no further need for monetary tightening, he said, whilst noting that loosening would have little impact on GDP growth in current conditions.

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Source: Reuters (Reporting by Camillus Eboh)